South Africa is taking a big step toward a digital economy.
The South African Reserve Bank (SARB) is moving to take full control of BankservAfrica, the payment processor behind the instant-payment platform PayShap.
This move is part of a broader effort to reduce the country’s reliance on cash and make financial transactions faster, safer, and more inclusive.
From Partial Stake to Full Ownership
SARB first bought a 50% stake in BankservAfrica in late 2024.
Now, it plans to take full ownership of the clearing house, which also oversees Automated Clearing Bureau Investments Johannesburg Pty Ltd.
BankservAfrica plays a central role in the National Payment System (NPS), handling interbank switching, clearing, and settlement services.
Its flagship product, PayShap, launched in 2023, has already facilitated over R285 billion in transactions, supported by 11 major banks.
The platform has been widely praised for making digital payments accessible, especially in areas where cash has traditionally dominated.
SARB’s Vision for Digital Transformation
The central bank has long warned that South Africa relies too heavily on physical cash, which carries security risks and slows down economic activity.
A 2024 SARB study found that nearly half of South African adults withdraw all funds immediately after depositing them—driven by mistrust, high fees, and limited card acceptance in informal markets.
Governor Lesetja Kganyago has emphasized the need to modernize the NPS and educate the public about the safety and convenience of digital payments.
Full ownership of BankservAfrica will give SARB the control and flexibility to push these initiatives forward more effectively.
Strategic and Economic Importance
This acquisition is not just about payments—it’s a strategic step for the country’s financial stability.
By owning the infrastructure behind instant payments, SARB can better manage the ecosystem, support safer and more efficient services, and protect the rand’s value.
“This move allows SARB to pursue its digital payments strategy with full force,” the Competition Commission noted.
Competition and Public Interest Clearances
The Competition Commission has recommended that the Competition Tribunal approve SARB’s full acquisition without conditions.
Officials concluded that the deal is unlikely to reduce competition or raise significant public interest concerns, clearing the way for a swift transition.
What This Means for South Africans
With full control over PayShap, SARB is expected to accelerate digital payment adoption, especially among informal traders, small businesses, and underbanked communities.
The ultimate goal is to reduce reliance on cash, increase financial inclusion, and create a more secure and efficient payments landscape.
For everyday South Africans, this could mean quicker transactions, lower costs, and safer ways to manage money, all while helping the country modernize its financial system.
